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SEC v AFFORDABLE PREPAID CELLULAR, INC. and JOHN C. ROCKETT Click to find out why . . .



Keywords & Phrases
CaseNo: LR-15402, CourtName: CREDIT-CHALLENGED INDIVIDUALS. THE COURT S ORDER ALSO CONTINUED THE, Defendant: Affordable Prepaid Cellular, Inc. and John C. Rockett, Plaintiff: SEC, State: CA California, UniqueCaseRef: SEC>LR-15402, Apc, Rockett, Commission, Securities, Investors, California, Accounts, Exchange Commission, Prepaid Cellular, Allege, Fraudulent, Violating, United States, Affordable Prepaid Cellular, John, District, Preliminary Injunction, Part-owner, Vice President, Lake Forest, Funds, Complaint, Bank Accounts, Selling, Granting, Substantial Likelihood, Success, Rockett Prohibiting , ContentID: 120242658

Case Documents
1 1997-07-02 SEC LITIGATION RELEASE
[ see first page and extracted highlights below  ] ItemID: 105752
3 pages
TXT
Total Documents: 1 document , 3 pages
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1 . SEC LITIGATION RELEASE

EXTRACTED KEY WORDS
ROCKETT
COMMISSION
SECURITIES
INVESTORS
CALIFORNIA
ACCOUNTS
EXCHANGE COMMISSION
PREPAID CELLULAR
COURT
ALLEGE
FRAUDULENT
VIOLATING
UNITED STATES
AFFORDABLE PREPAID CELLULAR
JOHN
DISTRICT
PRELIMINARY INJUNCTION
PART-OWNER
VICE PRESIDENT
LAKE FOREST
BUSINESS
FUNDS
COMPLAINT
BANK ACCOUNTS
SELLING
GRANTING
SUBSTANTIAL LIKELIHOOD
SUCCESS
ROCKETT PROHIBITING





                   UNITED STATES SECURITIES AND EXCHANGE COMMISSION

     Litigation Release No. 15402 / July 2, 1997

     SECURITIES AND EXCHANGE COMMISSION v. AFFORDABLE PREPAID CELLULAR, INC.
AND
     JOHN C. ROCKETT, Civil Action No. 97-3750 RAP (JGx) (C.D. Cal.).

          The Securities and Exchange Commission announced that on June 3,
1997,
     the Honorable Richard A. Paez, United States District Judge for the
Central
     District of California, issued an order of preliminary injunction
against
     Affordable Prepaid Cellular, Inc., and its part-owner and Vice
President,
     John C. Rockett ("Rockett").  APC is based in Lake Forest, California,
and
     its stated business is to provide prepaid cellular telephone service
to
     "credit-challenged" individuals. The Court s Order also continued the
     freeze of APC s and Rockett s assets until trial, prohibits APC and
Rockett
     from destroying documents, and requires APC and Rockett to account
for
     investor funds.  So far, neither APC nor Rockett has answered the
     Commission s complaint, and neither has complied with the Court
ordered
     accountings.

          The Commission's complaint (filed May 20, 1997), and other
papers
     filed in the case, allege that APC and Rockett fraudulently offered
and/or
     sold units in APC, in the form of $5,000 corporate notes, to at least
one
     hundred individuals since December 1996.  According to APC, in return
for
     their investment, APC promised investors a guaranteed 16 3/4% annual
     return, plus 1% of half of APC's profits, and that the investor's
original
     contribution would be returned at the end of one year.  Further, APC
     promised that investors' monies would be used to fund APC's business
SNIPPETS:
  • UNITED STATES SECURITIES AND EXCHANGE COMMISSION
  • SECURITIES AND EXCHANGE COMMISSION v. AFFORDABLE PREPAID CELLULAR,
  • JOHN C. ROCKETT, Civil Action No. 97-3750 RAP (C.D.
  • United States District Judge for the Central
  • District of California, issued an order of preliminary injunction against Affordable Prepaid
  • APC is based in Lake Forest, California, and its stated business is to provide prepaid
  • The Court s Order also continued the freeze of APC s and Rockett s assets until trial,
  • So far, neither APC nor Rockett has answered the Commission s complaint, and neither has
  • The Commission's complaint, and other papers filed in the case, allege that APC and Rockett
  • According to APC, in return for their investment, APC promised investors a guaranteed 16 3/4%
  • Wire transferring at least $113,020 from APC s bank accounts to accounts in
  • Withdrawing from APC s bank accounts at least $243,480, by writing checks up to $80,000 each
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